Tech stocks are suffering despite little change in the outlook, and the broader market is falling in their wake.
After oil prices crashed at the start of the month, outages from Hurricane Sally, high compliance from OPEC, and a drawdown in U.S. oil inventories led to prices rallying above $40 this week
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Crude inventories at Cushing fell 646,578 barrels the week ending on Tuesday, according to traders, citing the latest data from market intelligence firm Genscape. Cushing has eased as U.S. imports of Canadian crude fell to 3,057,000 barrels a day the week ending Sept. 11 from 3,226,000 bpd the previous week, the U.S. Energy Information Administration said in its weekly report.